race Herron has just approached a venture capitalist for financing for her new business venture, the development of a local ski hill. On July 1, 2013, Grace was loaned $283,000at an annual interest rate of7%. The loan is repayable over5years in annual installments of $69,021, principal and interest, due each June 30. The first payment is due June 30, 2014. Grace uses the effective-interest method for amortizing debt. Her ski hill companys year-end will be June 30. P10-9a